Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up After Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped up before the market opened on Monday after Royal Bank of Canada raised their price target on the stock from $28.00 to $32.00. The stock had previously closed at $15.23, but opened at $15.93. Royal Bank of Canada currently has an outperform rating on the stock. Edgewise Therapeutics shares last traded at $15.13, with a volume of 54,698 shares.

EWTX has been the subject of a number of other research reports. Piper Sandler initiated coverage on shares of Edgewise Therapeutics in a research report on Thursday, March 7th. They set an “overweight” rating and a $48.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, April 16th. Finally, Truist Financial restated a “buy” rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $31.20.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 4,600 shares of Edgewise Therapeutics stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the transaction, the insider now directly owns 7,020 shares in the company, valued at $140,470.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, General Counsel John R. Moore sold 8,029 shares of Edgewise Therapeutics stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $20.01, for a total value of $160,660.29. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Behrad Derakhshan sold 4,600 shares of Edgewise Therapeutics stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $20.01, for a total transaction of $92,046.00. Following the completion of the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,622 shares of company stock worth $612,566. 31.95% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Edgewise Therapeutics by 349.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after acquiring an additional 5,704 shares in the last quarter. AJOVista LLC acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $84,000. Pale Fire Capital SE acquired a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $90,000. Corton Capital Inc. acquired a new position in Edgewise Therapeutics during the third quarter worth approximately $98,000. Finally, SG Americas Securities LLC acquired a new position in Edgewise Therapeutics during the third quarter worth approximately $107,000.

Edgewise Therapeutics Price Performance

The firm’s 50-day moving average is $16.90 and its 200 day moving average is $12.20. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -9.91 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.03). On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.